TIF-CITY OF PEKIN

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Creates a tax increment allocation financing extension to the 47th year (currently, the 35th year) after the adoption of the ordinance of November 11, 1986 by the City of Pekin. Requires adoption of an ordinance by the City of Pekin extending the completion date of the redevelopment project area to 47 years and providing notice to the taxing bodies that would otherwise constitute the joint review board. Effective immediately.